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Starting your own Business: What to consider

Starting a business is a very exciting adventure that can take you through many twists and turns, highs and lows that leads to great returns especially when done right at the start. It is not something one just dabbles into but one that involves strategic and meticulous planning behind it to determine which business is right for one. An entrepreneurial mindset, a high dose of passion and love for what you do, and the desire to learn and break new grounds are key determinants to possess before venturing into an enterprise as these are the defining characteristics that will keep the entrepreneur going through boon or bane period.

It is important for entrepreneurs to evaluate and choose the right business, decide whether to start on a small scale or medium scale to gradually grow to scale before establishing a business. Capital for the business is a very critical aspect that must be considered. An entrepreneur needs personal income and additional cash to have a sustained cash flow for up to a year.

What to consider before starting a business

  • Ponder on whether you really want to start a business: Consider your current status, financial standing, life, family and activities
  • Think about what type of business, why that business, what value you wants to give to whom and where.
  • Think about how you will operate whether full-time or moonlight
  • Decide on  business strategy, whether the value you propose is cost driven or value driven, a premium

The Do’s and Don’ts to consider before starting a business

DO’S

  1. Live frugally and start saving up money for operating your business.
  2. Learn your small business by working for someone else in the same business first.
  3. Consider starting a moonlight(off working hours) business.
  4. Consider operating the business as a family business.
  5. Make a list of the pros and cons of the business you are considering.
  6. Measure your skills objectively and train against potential competition.
  7. Consider subcontracting to low-cost suppliers if you’re manufacturing a product.
  8. Test market for your minimum viable product or service before starting or expanding.
  9. Talk to lots of people for advice.
  10. Do a comparative analysis of the business opportunities you are considering.

DON’TS

  1. Quit your job before you have designed and completed your start-up plans.
  2. Consider operating a business in a field you do not enjoy.
  3. Risk all your personal income and the family assets. Limit your liabilities to a predetermined amount.
  4. Compete with your employer in a moonlight business.
  5. Be in a hurry to select a business. There is no penalty for missed opportunities.
  6. Select a business that is too high risk. Go for the 2-foot hurdle.
  7. Operate a business in which you must have the lowest price to succeed.
  8. Neglect to understand and learn the negative aspects of an intended business.
  9. Permit entrepreneurial over self-confidence to outweigh careful diligence.
  10. Allow the promise of a conceptual high reward to deter reality-testing first.

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NIGERIAN SOCIETY OF CHEMICAL ENGINEERS FOUNDATION, an organ of the NIGERIA SOCIETY OF CHEMICAL ENGINEERS (A Division of Nigerian Society of Engineers) …. National Development through Chemical Engineering

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